The NEW waiting to exchange thread...

clairelourow

congrats to everyone that has exchanged and completed so far! love reading all the stories

I have been reading this thread for months but not posted as I didnt want to jinx anything but looks like we may be exchanging tomorrow!  FTB and this is our second attempted purchase after the first one fell through no chain

we are looking at exchange tomorrow with completion for Friday 26th November due to the fact we are rented so want it to fall in line with rent dates and also that's when we get paid, part of the special conditions of our mortgage offer were a few things paid off but due to a bereavement there have been additional expenses so at least we know on this date we are defo clear if it is actually checked!  I'm reading conflicting things on wether this is actually checked on completion day or not and dont want to risk it!

Our solicitor has been ok ish, not particularly forthcoming with info however we were under the impression buildings insurance was to be arranged for completion, but now it seems to be needed for exchange instead so.i guess we need to arrange that tonight to come into force on our completion date?

Thanks 

HopeAndDriftWood

@clairelourow You need to insure from exchange - not from completion. So if you exchange tomorrow; you'll need to insure the house from tomorrow, until at least the 26th November (although it'd be unusual for you to cancel insurance once you live there!)

Or at least that's what we've been told; it wasn't the same when we moved last time, but this time our solicitor has been clear that we have to be insured from exchange as we have the beneficial interest in the property.

justcat01

It's a good point actually, because what happens with your current home and insurance? I could happily move the insurance to the new house, but then I would be without contents for my own. If I set up one at exchange and then cancel my old one when I move, I'd have to pay a cancellation fee. In the grand scheme of things, I'd just pay it as it it a tiny percentage of what we would have spent on the house, but I wondered what the official word is on this?

mightyblu

So 2 weeks later and I'm still on step 1 - the Help to Buy Application process.
Somehow between my solicitor and house builder/estate agent they've messed up the HTB forms with simple mistakes typos, my contact number missing a digit, the address of the property not matching on both forms etc.

It's frustrating because these are such minor errors that can easily be rectified, but the HTB agent takes 4 working days to respond and highlight them which only delays the process even more.

charlotteo1988

Hey guys

so had a email from my vendors estate agent. I’ll copy it here but put XX on certain things to ensure no details are given away. I feel he’s abit wishy washy about the situation instead of any sort of confirmation. I’ve gone back to my estate agent to ask when she requests an update from my solicitors if she could slip in the date I asked for and if she could ask the other parties if that is possible. As I know if the solicitors aren’t told a date to aim for stuff can be put on the back burner. 

I called XX and she has rang back confirming that the solicitors for her purchase are progressing their contract enquiries, searches etc.  I also spoke to Estate Agent for her purchase in XX and informed them of your preferred timescale of 17thDecember.  They told me their clients should be happy to fall in line, subject to solicitors completing their work within that time.

 Am I being too pushy? Or should I keep trying to push everyone each week? I’m hoping my solicitors might get back to me regarding the date soon. But I won’t hold my breath. 

Thanks 

HopeAndDriftWood

charlotteo1988 said:

Hey guys

so had a email from my vendors estate agent. I’ll copy it here but put XX on certain things to ensure no details are given away. I feel he’s abit wishy washy about the situation instead of any sort of confirmation. I’ve gone back to my estate agent to ask when she requests an update from my solicitors if she could slip in the date I asked for and if she could ask the other parties if that is possible. As I know if the solicitors aren’t told a date to aim for stuff can be put on the back burner. 

I called XX and she has rang back confirming that the solicitors for her purchase are progressing their contract enquiries, searches etc.  I also spoke to Estate Agent for her purchase in XX and informed them of your preferred timescale of 17thDecember.  They told me their clients should be happy to fall in line, subject to solicitors completing their work within that time.

 Am I being too pushy? Or should I keep trying to push everyone each week? I’m hoping my solicitors might get back to me regarding the date soon. But I won’t hold my breath. 

Thanks 

I think you've done quite well to get them to pass on your preferred date before searches/enquiries etc, if I'm honest, all the solicitors in my chain have absolutely refused to entertain dates at all until they are ready to exchange. 

It's been a bit of a pain anyway; as we were all initially working to the middle of September (although solicitors' wouldn't comment on this, it was the Estate Agent who mentioned it), then a solicitor said that the 5th November MIGHT be possible but they wouldn't be drawn on it until it was time, then suddenly that was out of the question, then the 10th was introduced, and now the 12th... 

I do really hope it gets done for you in time, though! It's probably worth prodding your EA once every week or so to see how the chain is going; but you'll probably get little from your solicitors until everyone is ready to discuss dates officially. They don't like to speculate.

greensalad

charlotteo1988 said:

Hey guys

so had a email from my vendors estate agent. I’ll copy it here but put XX on certain things to ensure no details are given away. I feel he’s abit wishy washy about the situation instead of any sort of confirmation. I’ve gone back to my estate agent to ask when she requests an update from my solicitors if she could slip in the date I asked for and if she could ask the other parties if that is possible. As I know if the solicitors aren’t told a date to aim for stuff can be put on the back burner. 

I called XX and she has rang back confirming that the solicitors for her purchase are progressing their contract enquiries, searches etc.  I also spoke to Estate Agent for her purchase in XX and informed them of your preferred timescale of 17thDecember.  They told me their clients should be happy to fall in line, subject to solicitors completing their work within that time.

 Am I being too pushy? Or should I keep trying to push everyone each week? I’m hoping my solicitors might get back to me regarding the date soon. But I won’t hold my breath. 

Thanks 

No problem with polite pushing IMO. I think everyone involved needs to have a deadline to work towards, otherwise things just languish. No harm being the first to put forward that deadline. I bet once the others in the chain agree on a deadline they'll be set on it and start pushing everyone they're employing to meet it, too. 

badger09

clairelourow said:

congrats to everyone that has exchanged and completed so far! love reading all the stories

I have been reading this thread for months but not posted as I didnt want to jinx anything but looks like we may be exchanging tomorrow!  FTB and this is our second attempted purchase after the first one fell through no chain

we are looking at exchange tomorrow with completion for Friday 26th November due to the fact we are rented so want it to fall in line with rent dates and also that's when we get paid, part of the special conditions of our mortgage offer were a few things paid off but due to a bereavement there have been additional expenses so at least we know on this date we are defo clear if it is actually checked!  I'm reading conflicting things on wether this is actually checked on completion day or not and dont want to risk it!

Our solicitor has been ok ish, not particularly forthcoming with info however we were under the impression buildings insurance was to be arranged for completion, but now it seems to be needed for exchange instead so.i guess we need to arrange that tonight to come into force on our completion date?

Thanks 

HopeAndDriftWood said:

@clairelourow You need to insure from exchange - not from completion. So if you exchange tomorrow; you'll need to insure the house from tomorrow, until at least the 26th November (although it'd be unusual for you to cancel insurance once you live there!)

Or at least that's what we've been told; it wasn't the same when we moved last time, but this time our solicitor has been clear that we have to be insured from exchange as we have the beneficial interest in the property.

justcat01 said:

It's a good point actually, because what happens with your current home and insurance? I could happily move the insurance to the new house, but then I would be without contents for my own. If I set up one at exchange and then cancel my old one when I move, I'd have to pay a cancellation fee. In the grand scheme of things, I'd just pay it as it it a tiny percentage of what we would have spent on the house, but I wondered what the official word is on this?

You must have Buildings Insurance on your new home from Exchange of contracts. 

If you're happy with current insurer, ask them to cover new property from Exchange date. Then, when you move, ask them to transfer existing policy for Buildings & Contents over to new property.

The additional cost of cover is minimal, though you might have to pay an admin fee to change the address. Premium could increase/decrease if you're moving area.

Newdrake88

badger09 said:

clairelourow said:

congrats to everyone that has exchanged and completed so far! love reading all the stories

I have been reading this thread for months but not posted as I didnt want to jinx anything but looks like we may be exchanging tomorrow!  FTB and this is our second attempted purchase after the first one fell through no chain

we are looking at exchange tomorrow with completion for Friday 26th November due to the fact we are rented so want it to fall in line with rent dates and also that's when we get paid, part of the special conditions of our mortgage offer were a few things paid off but due to a bereavement there have been additional expenses so at least we know on this date we are defo clear if it is actually checked!  I'm reading conflicting things on wether this is actually checked on completion day or not and dont want to risk it!

Our solicitor has been ok ish, not particularly forthcoming with info however we were under the impression buildings insurance was to be arranged for completion, but now it seems to be needed for exchange instead so.i guess we need to arrange that tonight to come into force on our completion date?

Thanks 

HopeAndDriftWood said:

@clairelourow You need to insure from exchange - not from completion. So if you exchange tomorrow; you'll need to insure the house from tomorrow, until at least the 26th November (although it'd be unusual for you to cancel insurance once you live there!)

Or at least that's what we've been told; it wasn't the same when we moved last time, but this time our solicitor has been clear that we have to be insured from exchange as we have the beneficial interest in the property.

justcat01 said:

It's a good point actually, because what happens with your current home and insurance? I could happily move the insurance to the new house, but then I would be without contents for my own. If I set up one at exchange and then cancel my old one when I move, I'd have to pay a cancellation fee. In the grand scheme of things, I'd just pay it as it it a tiny percentage of what we would have spent on the house, but I wondered what the official word is on this?

You must have Buildings Insurance on your new home from Exchange of contracts. 

If you're happy with current insurer, ask them to cover new property from Exchange date. Then, when you move, ask them to transfer existing policy for Buildings & Contents over to new property.

The additional cost of cover is minimal, though you might have to pay an admin fee to change the address. Premium could increase/decrease if you're moving area.

We are exchanging tommorrow I phoned my
insurance and they will cover both properties from exchange to completion 

trance_abbey

novelle said:

@trance_abbey I only got my contract , TR1, and other documents to sign last Fri 29 Oct, and I have exchanged and completed TODAY 1 Nov. I think it depends on is everyone ready or not.

There's only me and my vendor - and I still don't have them now at close of business today...

I'm not sure how they're going to get back to the solicitors by post before Thursday